WINNIPEG, Manitoba--Despite decent increases in the morning, Inter-continental Exchange (ICE) canola futures closed lower on Wednesday.
During the course of today's session, losses developed in Chicago soyoil with additional pressure coming for declines in Malaysian palm oil. Support was derived from advances in Chicago soybeans and soymeal, as well as European rapeseed.
Global crude oil prices were making good gains, with spillover going into vegetable oils.
Crush margins continued to be quite strong for the Canadian oilseed, but they are well back from recent record levels.
An analyst said that canola has been rangebound at C$800 to C$900 per ton for upwards of seven months and is very likely to remain so for at least a couple more months.
The Canadian dollar was unchanged at mid-afternoon Wednesday, with the loonie at 74.51 U.S. cents.
There were 37,089 contracts traded on Wednesday, which compares with Tuesday when 37,144 contracts changed hands.
Spreading accounted for 20,308 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola
Mar 831.80 dn 9.80 May 828.00 dn 10.20 Jul 828.90 dn 9.90 Nov 802.80 dn 7.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 4.20 over to 2.50 over 6,022 Mar/Jul 3.00 over to 2.20 over 22 Mar/Nov 31.50 over to 30.00 over 27 May/Jul 0.20 under to 1.00 under 2,677 Jul/Nov 30.00 over to 25.90 over 1,278 Nov/Jan 2.20 under to 2.80 under 123
Source: Commodity News Service Canada
Write to Glen Hallick at news@marketsfarm.com
(END) Dow Jones Newswires
01-11-23 1535ET
